As per a SEC filing, Facebook Inc. founder and CEO Mark Zuckerberg has sold 760,000 shares worth $95 million (net after taxes, $85 million). The proceeds will be used for philanthropic purposes.

In Dec 2015, on the occasion of the birth of their daughter Max, Zuckerberg and his wife Priscilla Chan decided to pledge almost all their fortune to charity. In the 2,200 word letter to his newborn daughter, posted on his Facebook page, Zuckerberg said that he and his wife plan to give away 99% of their Facebook shares, over their entire lifetime to the Chan Zuckerberg Initiative. The Chan Zuckerberg Initiative will focus on “personalized learning, curing disease, connecting people and building strong communities.”

At present, per media reports, Zuckerberg has an estimated fortune of $53.3 billion. However, Zuckerberg does not plan to give away more than $1 billion of stock each year over the next three years in order to maintain his majority voting position.

Zuckerberg will head the foundation along with his wife. He added that he will remain Facebook’s CEO “for many, many years to come, but these issues are too important to wait until you or we are older to begin this work. By starting at a young age, we hope to see compounding benefits throughout our lives.”

Zuckerberg has also signed the "Giving Pledge" under which he has committed to donate most of his fortunes toward making the world a “better place”. “Giving Pledge” signatories also include the likes of Microsoft Corporation’s (MSFT Quick QuoteMSFT - Free Report) Bill Gates, Warren Buffett of Berkshire Hathaway and Larry Ellison of Oracle Corp (ORCL Quick QuoteORCL - Free Report) .

At present, Facebook sports a Zacks Rank #1 (Strong Buy). Another tech stock worth consideration is Nvidia Corp (NVDA Quick QuoteNVDA - Free Report) , sporting the same rank as Facebook.

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